Richard Cordray

Sarah Cwiek / Michigan Radio

The  Consumer Financial Protection Bureau will start keeping close tabs on credit reporting companies, the Bureau's President announced Monday.

Richard Cordray told a field hearing in Detroit that CFPB—a relatively new federal agency created in the wake of the 2007-8 financial crisis--will start monitoring the largest credit reporting companies “just like we examine big banks” in September.

He says there’s still a lot we don’t know about the credit reporting industry, because no federal agency has had access to all the relevant information.